Thursday, June 11, 1998
Rupee falls further against dollar, recovers ground towards close
The rupee touched a historic low of 42.42/45 against the greenback yesterday before staging a smart recovery to close at a new low of 42.23/28 as nervousness continued to grip the inter bank foreign exchange market. With this the rupee has depreciated by 6.3% in the past one month after India conducted five nuclear tests.
Rumours of payment crises pulls Sensex down by 156 points
A panic stricken market took the Sensex down 156.66 points yesterday. The day was marked by rumours of defaults by brokers even as authorities reiterated that there was no payment crises. Heavy unwinding of positions by speculators, rumours of brokers associated with the "big bull" facing a financial crisis which unnerved investor market sentiment.
GDR index falls to a new low of 646.99 points
The Asian market crisis left a negative impact on the Indian papers traded at the London markets. Reflecting the nervous mood of the market makers the Skindia GDR index touched an all time low of 646.99 points during the intra-day's session to register a net fall of 7.29% over Tuesday's close.
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